Vietnam’s Hoa Phat sells 320,000 mt of steel in August

Monday, 07 September 2020 14:38:38 (GMT+3)   |   Istanbul
       

Vietnam-based steelmaker Hoa Phat Group has announced that it managed to sell 320,000 mt of steel in August, including 170,000 mt of billet, despite the economic difficulties amid the coronavirus. The company’s finished steel output increased by 65 percent in August this year. Exports of finished steel amounted to 54,000 mt, up three times compared to the same period last year.

Despite the unfavorable weather conditions and social isolation due to the coronavirus, the consumption of steel produced by Hoa Phat remained high in the civil sector. Public investment projects helped Hoa Phat achieve high growth.  

In the January- August period of the current year, Hoa Phat produced 3.2 million mt of steel, including 2.1 million mt of construction steel and 1.1 million mt of billet. In the given period, the company’s finished steel output increased by 18.3 percent compared to the same period of 2019. The amount of steel exported in the January-August period exceeded a 17 percent share, rising to 310,000 mt nearly doubling year on year. The company’s main export markets include Japan, South Korea, Malaysia, Australia, Canada, Thailand, Cambodia and Laos.   

The company also sold 1.5 million mt of billet to domestic and foreign markets for November delivery in the January-August period. The amount of billet exported in the current year up to the end of August was more than 1 million mt, 66 percent of the product produced at the Hoa Phat Dung Quat Iron and Steel Production Complex.

Meanwhile, Hoa Phat will start to supply hot rolled coil to the market from the end of September, as SteelOrbis previously reported.


Most Recent Related Articles

Inventories of main finished steel products in China up 0.6%, driven by HRC and rebar

GPH Ispat starts hot commissioning at new plant, commercial output in Dec

India’s Welspun Corp. to diversify into iron and steel manufacturing, trading

Hoa Phat Dung Quat’s BF No. 3 starts operation, No. 4 to be launched in early 2021 

Vietnam’s Hoa Phat Steel Sheet increases exports thanks to FTAs